InvestorNewsBreaks – Grom Social Enterprises Inc. (NASDAQ: GROM) Secures $5M in Underwritten Public Offering
Dec 14, 2022
Grom (NASDAQ: GROM), a media, technology and entertainment company dedicated to family friendly programming, web filtering technology and safe social media for kids, has closed its previously announced underwritten public offering of 1,415,682 units at a price to the public of $2.89 per unit and 314,422 pre-funded units at a price to the public of $2.889 per pre-funded unit. Grom secured aggregate gross proceeds of approximately $5.0 million, prior to deducting underwriting discounts, commissions, and other estimated offering expenses. In addition, the company granted the underwriters a 45-day option to purchase up to an additional 259,515 units or pre-funded units solely to cover over-allotments, if any, less underwriting discounts and commissions. On Dec. 12, 2022, the underwriters exercised the option to purchase an additional 495,602 warrants. The company intends to use the net proceeds for general corporate purposes, which may include marketing and advertising, acquisitions and strategic partnerships, research and development of original content and technology, expansion of its intellectual property portfolio by investment, and other working capital and general corporate purposes. EF Hutton Acquisition Corp. (NASDAQ: EFHTU), division of Benchmark Investments LLC, acted as sole book running manager for the offering.
To view the full press release, visit https://ibn.fm/lDz21
About Grom Social Enterprises Inc.
Grom is a growing social media platform and original content provider of entertainment for children under 13 years of age, which provides safe and secure digital environments for kids that can be monitored by their parents or guardians. The company has several operating subsidiaries, including Grom Social, which delivers its content through mobile and desktop environments (web portal and apps) that entertain children, let them interact with friends, access relevant news, and play proprietary games while teaching them about being good digital citizens. The company owns and operates Top Draw Animation, which produces award-winning animation content for some of the largest international media companies in the world. The company owns an 80% stake in Curiosity Ink Media, which is a global media company that develops, acquires, builds, grows and maximizes the short, mid and long-term commercial potential of Kids & Family entertainment properties and associated business opportunities. Grom also includes Grom Educational Services, which has provided web filtering services for K-12 schools, government and private businesses. For more information, please visit the company’s website at https://gromsocial.com or for investor relations information, please visit https://investors.gromsocial.com.
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